After the Ethereum network experienced the "Fusaka" upgrade in early December 2025, on-chain activity saw a dramatic resurgence. According to Glassnode data, the number of new daily addresses surged by 110%, reaching approximately 292,000, the fastest growth rate since the 2024 bull market. Market participants interpret this growth as driven by structural adoption fueled by technological upgrades rather than short-term speculation. Ethereum co-founder Vitalik Buterin further claimed that through the combination of Zero-Knowledge Ethereum Virtual Machine (ZKEVM) and PeerDAS technology, Ethereum has successfully solved the "Impossible Triangle" that has plagued the blockchain industry for a decade, achieving a fundamental breakthrough in decentralization, security, and high scalability.